Trusted By
Overview
In recent times, the prominence of artificial intelligence (AI) has grown exponentially, particularly with the emergence of generative AI chatbots and large language models (LLMs). These advancements have reignited interest in AI systems and sparked curiosity about their implications for business outcomes. Retailers stand to benefit significantly from the integration of generative AI technologies, with potential efficiency gains ranging from five to 100 times, specifically in sales and general administrative tasks as per Forrester’s report. What used to require hours or even days to complete can now be achieved within minutes, empowering retailers to streamline operations, enhance productivity, and provide exceptional customer service.
According to Business Insider’s report, in 2021, the global market size of AI in the retail industry reached USD 5.79 billion, and it is projected to witness a robust compound annual growth rate (CAGR) of over 23.9% from 2022 to 2030. This significant growth is driven by several factors, including the continuous increase in internet users, the proliferation of smart devices, the growing demand for surveillance and monitoring in physical stores, government initiatives focused on digitization and rapid advancements in AI. These factors collectively contribute to the expansion and adoption of new-age AI technologies in the retail sector, paving the way for innovative solutions and transformative advancements in the industry.
In this article, we aim to delve into how the strategic adoption of Generative AI & LLM powered chatbot solutions in retail businesses, will enable enterprises to discover fresh pathways for expansion and uncover the profound impacts on overall performance, exploring how marketers can harness these new-gen AI tools.
According to Business Insider’s report, in 2021, the global market size of AI in the retail industry reached USD 5.79 billion, and it is projected to witness a robust compound annual growth rate (CAGR) of over 23.9% from 2022 to 2030. This significant growth is driven by several factors, including the continuous increase in internet users, the proliferation of smart devices, the growing demand for surveillance and monitoring in physical stores, government initiatives focused on digitization and rapid advancements in AI. These factors collectively contribute to the expansion and adoption of new-age AI technologies in the retail sector, paving the way for innovative solutions and transformative advancements in the industry.
In this article, we aim to delve into how the strategic adoption of Generative AI & LLM powered chatbot solutions in retail businesses, will enable enterprises to discover fresh pathways for expansion and uncover the profound impacts on overall performance, exploring how marketers can harness these new-gen AI tools.
